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him the 10% president. that is what he spiax responsibility for the deficit and libya is still raising more questions for the white house. it could have been stopped? >> paul: welcome to the journal editorial report. i'm paul gigot. you'll eyes were on ohio this week as they both hit the buckeye state hard. hoping to put 18 electoral votes in their col >> paul: politics poll real lot of attention to polls because it depends on what they take and the sample. these guys have been in ohio and they should start paying income tax. this thing is as close can be they both wouldn't be here. i expect this to go down to the wire. we are always a swing state. it will be very close. >> paul: so the democrats are saying one of big things that is helping the spent the auto bailout. is that how you lead to to help the president? >> look, we're up 123,000 jobs over the last year and three-quarters. we're actually according to the bureau of labor statistics down 500 jobs, auto jobs in ohio. the situation. chrysler has expanded and ford and gm have shrunk their footprint but we stabilizing. auto industr
the biggest deficit in our history. over the last four years, the deficit has gone up but 90% is a consequence of two wars that weren't paid for, as consequence of tax cuts that weren't paid for. a prescription drug plan that wasn't paid for and worst economic crisis since the great depression. that accounts for 10% for the increase in the deficit. >> we asked editor james free man to run the numbers. so let's take these one by one. did president obama inherit the biggest deficit in american history? >> it wasn't the biggest and he didn't inherit it. world war ii had bigger deficits. he didn't really inherit it. he helped create it. 2009 was the first year in office and especially something he doesn't seem to want to remember, stimulus $8000 billion. >> paul: as a share of the economy it was 3.2%. it did balloon to 10.1% in 2009. i would give president bush some credit for that because in fact the recession had started. the recession for his first six months of his term. what you are saying there is a thing called $830 billion spending. >> february 2009 that president obama doesn't want to tak
deficit spending. so this idea, look, overseas, which where i come from means lake superior. we both live near canada, right? the canadians have this figured out. the canadians lowered their taxes to 15%. president obama wants to tax our successful small businesses to go above 40%? when we tax our job creators at much higher tax rates than our foreign competitors tax theirs, they win, we lose. we have to get right with the idea that our jobs come from successful small businesses. we don't want to tax them more, we don't want to regulate them more, we want them to hire more. that is essential. [applause] and none of this is going to work. no business is going to be confident to take that risk to hire people, to advance people, to give people promotions and raises and job security if they see their government borrowing and spending like it is. we can't keep borrowing 36 cents of every dollar our government spends. we can't keep the federal reserve doing what it's doing. we cannot keep looking our children in the eyes knowing that we're going to give them a diminished future because we are s
to cut the deficit we inherited by half by the end of hi first term in office. >> greg: i hate those. yellow curtains. four years later and he hasn't gotten it done. why? you will hear from the president. you are not going to let me say danl eat a live bunny if you leave? >> dana: ruin my reputation. >> greg: too late. ♪ ♪ does your phone give you all day battery life ? droid does. and does it launch apps by voice while learning your voice ? launch cab4me. keep left at the fork. does it do turn-by-turn navigation ? droid does. with verizon, america's largest 4g lte network, and motorola, droid does. get $100 off select motorola 4g lte smartphones like the droid razr. >> dana: in 2008, then candidate obama thought trillions of dollars of debt was unpatriotic is what he said. once inaugurated in 2009, he promised the american people he would deal with the deficit problem. listen. >> we now have over $9 trillion of debt. that we are going to have to pay back. $30,000 for every man, woman and child. that's irresponsible. it's unpatriotic. today i'm pledging to cut the deficit we inhe
this promise -- >> i am pledging to cut the deficit we inherited by half by the end of hi first term in office. >> greg: i hate those. yellow curtains. four years later and he hasn't gotten it done. why? you will hear from the president. you are not going to let me say danl eat a live bunny if you leave? >> dana: ruin my reputation. >> greg: too late. ♪ ♪ the capital one cash rewards card gives you a 50% annual bonus. and everyone likes 50% more [ russian accent ] rubles. eh, eheh, eh, eh. [ brooklyn accent ] 50% more simoleons. [ western accent ] 50% more sawbucks. ♪ [ maine accent ] 50% more clams. it's a lobster, either way. [ male annncer ] the capital one cash rewards card. with a 50% annual cash bonus, it's the card for people who like more cash. [ italian accent ] 50% more dough! what's in your wallet? >> dana: in 2008, then candidate obama thought trillions of dollars of debt was unpatriotic is what he said. once inaugurated in 2009, he promised the american people he would deal with the deficit problem. listen. >> we now have over $9 trillion of debt. that we are going to have t
deficit. they have to deal with the deficit. but once you're done with the deficit you have to rebuild the middle class in this country and nobody is paying much attention to that. we have a lot of rhetoric in the campaign but-- >> but the necessary done to help the middle class is to nail down the fiscal issues. if we don't nail down the fiscal issues, i don't think anything will matter. >> but i'm with you, i think it will happen because of necessity, because of the fiscal cliff. >> what it will take to rebuild the middle class? >> it's taken three decades to basically decimate the middle class. it will take something like that to rebuild it. but we have to be dedicated to that. we're focused on a fescal deficit not a human deficit, and we have a human deficit in this country. we have 27 million people either unemployed, working part time, unwillingly, or dropping out of the labor market. >> schieffer: let me work michelle into this conversation. as you sit here hearing this, it's always education that seems to wind up at the back of the line. >> that's right, that's right. and i thi
goes down? do we want four more years of trillion dollar deficits? i don't believe we can afford four more years like the last four years. lou: a new report highlights governor rome -- governor romney's criticisms showing household incomes fell by an average rate of more than 8%. the census bureau revealing the number of people in poverty rose by 3 million in the first three years of the obama administration. we'll take all of that here tonight with former economic adviser to president reagan, economists, author laffer, and digital politics editor, and former bush adviser brad blakeman to separate facts from fiction in the world of presidential polls and strategies. early voting has presidential votes cast in more than half the country by next week. shannon has our report. the president's poll numbers in ohio getting a boost from stronger economic numbers, but there's head winds pressuring the campaign. the white house chief correspondent, ed henry, reports. >> since early voting starts tuesday here in ohio, it was a familiar script for president obama on his 29th visit to the buckeye
is going to require compromise in a different type of deficit reduction plan. given all of those virginia jobs at stake, how can you say no to any type of tax and revenue increase, even if it is paired with a greater degree of spending cuts? >> getting our fiscal house in order in washington. i saw this as being another example of washington leaders not making decisions, putting off decisions to yet another commission, which, if it failed, as it did, it would be the responsibility of the federal government, which is national defense, as well as it being what is known to be over 200,000 technology and defense jobs in virginia. what we need to do is repeal or replace obamacare. but will sit trillions in spending, and that is harmful for business. i think we need to cut out and look at where there is redundancy in government. the government accountability office has put that forward. federal government employees, we have to reward them for cost- saving ideas. in the long term, a balanced budget amendment. tim said in the last debate that this is the right thing to do. now, he has, up with a
, there are also some tax hikes here, and wouldn't that do something to decrease the deficit? >> yes, it's the only specific tax increase that-- of both candidates and if you would close the deficit and turn some of the tacks to the higher levels, and the revenues for the government, revenue enhancement. however, to cost patriotism to say a small fraction of the country will have an extra tax burden, everybody has to pay more taxes, in fact, if you combine the tax proposals of mitt romney and president obama, together you would have a patriotic plan where you're removing some of the benefits of the lower people the last 10, 15 years and then, we would have higher revenues cross the board and that would lower the deficit the most, and the other things in this that are not particularly patriotic. a lot of the obama proposals think there's a small group that can fix the problems. the thing with the car thing, we all have to pay a higher gas tax and help the deficit, and have the cars making 80 miles per hour and we're the ones driving far. >> you say you want to wave the flag for patriotism, you say t
's budget you are going to have a trillion dollars deficit. he said, i have not done anything yet. [laughter] he said, no mr. president, the budget they passed guarantees no matter what you do, you will have a trillion dollar debt this year in the budget. a trillion dollar deficit, to be precise. these guys talk about the national debt. what date did generated the -- what they did generate -- generated the jobs since world war ii. it gave us this great recession. what they have not told us is what they are willing to do about it. we laid out a $4 trillion debt reduction plan over next 10 years. we have already passed $1 trillion of it. these guys voted against everything. not only did they say they did not like our plan -- what is your plan? you go out there and you look at the setup. an impressive bipartisan commission. simpson-bowles. everyone of those plans, they rejected. paul ryan even voted against the simpson-bowles plan as a member of the commission. he would not vote to let it get to the united states congress. why? it's important you know why. because they will not voted for a sing
the math work on his deficit plan and his tax plan. are we going to get those details in the course of the debate? >> well, you know, david, i wish you guys were just as tough on the president. the president says he's going to create a million new manufacturing jobs. he doesn't say how. he says he's going to reduce the long-term debt and deficit by $4 trillion. doesn't say how he's going to do it. let's be fair here. governor romney has laid out a direction and a vision for the direction of this country. he's not an accountant. he is not going to go line-by-line through the budget. but let's hold the president to the same standard and criticize him as well, because how does he create a million new manufacturing jobs, david? he hasn't told anybody the specifics of that. how will he reduce $4 trillion in debt? we're still waiting to hear what he thinks about simpson-bowles, which he commissioned. he's been the president and hasn't given us specifics. so let's be fair here. >> so that's really the approach then? you're a former prosecutor. you understand how the courtroom works. mitt r
talking about the deficit. much of the reason is that when you look at states, iowa and new hampshire in particular, this is an issue that resonates as an almost psychic quality that resonates in this region. i think that that is one thing to keep in mind, one of the ways in which you have these kind of strands that don't always coherent way that works for you. i think that that is one thing to keep in mind. you know, it's really interesting to think about. you have this vaccination for much of the country. the broader swath of the electorate. .. gotten it right in talking about how we actually care about the safety. it matters a lot in a free enterprise society geared we actually need to have this. or it's not actually some kind of saying that we garnish on this ballot, but an incredibly important part of making the whole system work. the problem is that ryan, the reason he excited at this as further reason, the way he gives a very apocalyptic language of the threats to free a price and what have you. that is one reasons why governors have a big advantage over legislators. someone li
fought our way out of these deficits and the last 12 years when we have gone from 4 trillion dollars in debt to 16 trillion dollars today? >> i am glad you mentioned that number. it is going to cause a huge problem. if you have cancer you do not wait until it is over your whole body. get all of these things, really explain the problem, and hopefully we will get people to deal intelligently with the problem. your wife he ran on fiscal responsibility in washington, declining trust in government, in addition to nafta. the truth is we are much worse on all of those issues today than we were in 1992. gooif you look back at 1992, in part because of the world ross , they did several things. impose budget controls and taxes when they thought they were responsible. they did the right thing for the country. president bush 43 -- his term is over. whoever the next president is needs to change course, because if we do not, the problems of europe could have here. >> we are going to talk about some of these issues of 9-11 and the war and the health -- in the tax cuts of 1998, but let me take you ba
. the leaders of the spanish regions have agreed to a strict limit on their deficits for this year. spain's overall deficit is expected to be well above the european union target. germany prospered largest insurance company has gone public. >> is the highest initial public offering late germany in about one-and-a-half years. the chief executive officer has run in a new era for the company. they have made over half a billion euros. he says the money will be used for consolidation and he is not planning any new acquisitions in the next two years. that ipo could be a hopeful sign for shares in the coming months. our markets correspondent has more from frankfurt. >> the ipo is a sign of hope for many traders. they are hoping for more ipos to come. 20% of the german mobile phone operator will soon be sold on the stock market according to its parent company. of the ipo process is planned to start as early as this week. all of this is good news for people in the trading floors because ipos only work when there is a certain not of confidence on the markets. a certain amount of reliability. with a
vulnerability for the president may be the deficit. he promised to cut it in half by the end of his term but it's now topped $1 trillion for four straight years. the "new york times" cbs news poll found in ohio, romney has a slim four-point lead on the deficit. today, the "washington post" fact checkers gave the president four pinocchios for claiming on cbs' "60 minutes" 90% of the boost in deficit came from leftover bush policies. >> we took emergency actions. that accounts for 10% of this increase in the deficit. >> now the economy is front and center one week from tonight at the first presidential debate. two days later the president gets a september jobs report. interesting a moment ago he told the crowd he wants to export more jobs. quickly correcting himself and said he wants to export more products and joked i was channeling my opponent there. bret? >> bret: standing next to carl are you? it looks like carl's backdrop. ed henry -- >> very similar. >> bret: thank you very much. now to the international news. close circuit video of twin bombings at the headquarters in damascus. the first b
beating a drum about the deficit which is important but when you look at the concerns of american, let's look at the top five concerns. one, the economy. two, jobs. three, health care. four, education. five was the budget deficit. so no one's minimizing the importance of the deficit but there really is not a program that deals with the other four and they are using extreme measures and cutting up various entitlements and americans that want to deal with the deficit. >> i think what happened in 2010 and democrats in a way allowed this to happen is that the republicans succeeded in making the deficit a central issue and a stand in for people's economic worries across the board. >> right. >> i think now it's much clearer to people that these two things are related but they are quite separate and there are moments when balancing the budget or cutting spending on things like schools and public safety can actually make unemployment worse. i think something else important has happened, which is the health care law was very unpopular on election day back then. the health care law is gaining gr
the federal deficit, increase taxes and comply with spending cuts. the fed should not be doing anything else. to you agree with that? >> you know what, i don't agree with any of that. i am a part of that survey. and the bottom line is is that what i want to see his no increase in tax rate and a big spending cuts. the u.s. is spending too much. we are spending 24% of gdp. that is a huge burden on our economy. it's like -- and as a resource that usually carries 112-pound jockey having to carry a 250-pound jockey. there's no way that horse to win the race or run fast. we need to put this jockey on a diet. that's what we have to do. and raising tax rates on the course, the economy, that accomplishes the wrong thing. the way you balance the budget is you cut spending, and that will also boost growth in the u.s. economy. cheryl: i want to ask you this before we leave. this is something i kind of could not believe. we had the chief u.s. equity strategist at morgan stanley say basically we could kick qe for by the end of the year. possible? >> you know, i personally don't think so. this goes back to
with a clear, credible, concrete, and enforceable plan to deal with the structural deficit lying ahead. you need to do both. that is the only thing that makes any sense. it is the only thing that m akes sense from the standpoint of politics. >> you spoke in 1992 about the campaign, your plan sounded then a lot like some of these bowls simpson's balanced-type plants that are coming out now. you did some of everything. you did not leave out sacred cows. the one that higher taxes, higher gasoline taxes, you wanted the wealthy to pay more weather in higher taxes or not taking entitlements. do you find that willingness to day on the part of candidates to hit all the sacred cows? >> i do not see anybody doing it, do you? if somebody is doing it, i am missing it. i thought they would hope this go away and they could run on all these things when you are talking on the television. >> would it take candidate saying you'd need to do all those things, not just going after entitlements cut domestic spending, defense, but also to raise taxes? you need to do all those things, do you feel? >> we need to do
, it also goes a long way in reducing the budget deficit. even by washington standards, that all seems important. to discuss the cliff and the consequences, we have a panel of four budget watchers. bob greenstein is head of the president obama's transition policy work. doug holz-eakin, president of the action forum, headed the staff, directer of the congressional budget office. he was a member of the president bush's economic adviser and was an acting directer of cbo. finally, diane lim rogers blog z as economist mom and was chief economist for the house committee and the ways and means committee. our format today will be relatively straightforward. each speaks for five minutes, and i'll ask questions, we'll l get a discussion going here and turn it over to the audience to give you a chance to ask the questions. we've people watching on c-span and the web, and if you're not in the room, send them to publicaffairs@urban.org, and those questions will come to me. to start, donald? >> thanks. thanks, everybody, for being here and braving the rain to talk fiscal cliffs. i'll try not to ruin
an impact on solving the deficit and our debt picture in the 1990's? things improved >> i do not want to take credit for it, but i am pleased there is a breathing period where we are going in the right direction. now we have heard it around and it is going through the roof and is inexcusable. what is interesting is that hardly ever gets discussed, and in the papers, on the media, you would think this is front- page news. it is not. >> absolutely no question that his candidacy caused president clinton to make fiscal responsibility and much higher priority. no question. clinton will tell you that. people in his administration will tell you that. he made the difference even though he did not win. the polls will also tell you in july he was leading. in addition, the exit polls will tell you that the people who voted, if they thought they could have won, they would have voted for him and he would have won. much worse today than we were then, and people know it. >> do you think we're much worse today because he was not elected? >> we have lost our way. >> that is history. we're on the edge
? >> the president obama looks nothing like the candidate obama. he talked about lowering the deficit in half, not redistributing wealth. and not, as he said, hurting the taxpayer and getting rid of broad and things like that. i think these economists look at numbers and they see reality, they feature $6 trillion in debt. and they figure it is time to move on. neil: having said that, they seem to have crunched the numbers and looked on the weakness of this recovery and concluded maybe a fresh start is in order. but doesn't factor in a smart money angle that we are missing? smart money seems to be saying that there is not much money for this recovery to be had. >> will look at their records. we have president obama who hasn't had any experience in the private sector and we have governor romney who does understand. america, yes, we do need a ceo in chief. we also need someone who understands that the business leadership to be able to broker and work in washington where there is a lot of polarized politics. governor romney is adjusting policies that democrats and republicans can agree. we need t
, which deductions would you eliminate, let's be specific and how will you do that and reach deficit reduction, which programs will be cut? >> the question is, how do you get america back to work. what paul ryan said on your clip is, you flatten the base and increase -- excuse me, you increase the number -- reduce the number of deductions that are out there and you expand the base. that's typically what works. that can be done in a revenue neutral fashion that's what paul ryan has proposed and what that does is make america more competitive. mitt romney has been specific on how he would get america back to work and replace the failed policies of the president. andrea that's what this is about. the president's policies on job creation haven't gotten us back to work. 8% unemployment for 43 months. i mean what mitt romney said very specifically on job creation, is expanded trade by reducing the barriers, creating a better climate for america by keeping tax and regulatory policies in a better shape, energy. this president has been horrific we just lost 1200 coal jobs in virginia last wee
with a deficit of more of 7% of gross domestic product, any solution to our budgetary problems has to involve spending cuts and tax increases. ronald reagan agreed to tax increases when it hit 4%. george w. bush did when it was 3% of gdp. but today's republican party is organized around the proposition that no matter the circumstances, there must never be a tax increase of any kind. the simpson-bowles proposal calls for $1 for every $3 of spending cut bus every republican presidential candidate during the primaries including romney pledge thad he or she would not accept $10 of spending cuts if that meant $1 of tax increases. so romney could present a serious economic plan with numbers that add up and then he would face a revolt within his own party. so his solution has been to be utterly vague about how to deal with the actually deficit. when pressed for details, he said, the devil's in the details. he's right. were he to get specific he would be committing ideological blasphemy. instead he talks about freedom and capitalism. the same pattern emerges on immigration. he says he wanted to solve
to avoid that before the end the year with the deficit reduction plan that deals with the expiring tax cuts and the $1 trillion cuts to defense and domestic programs. a new report out today says this could be a plan developing to help lawmakers move forward on it all. "new york times" reports that colorado democratic senator bennett and tennessee republican senator alexander are representing their parties and would in part set a deficit reduction target of $4 trillion over 10 years. congressional committee would do the work taking six to 12 months figuring out how to achieve that with tax increases and cuts to federal programs. if that fails, part two would then be an automatic deficit reduction structure in effect, likely similar to simpson-bowles. finally, lawmakers are likely under this framework, to vote to put off the tax increases and the automatic spending cuts physical some sometime in 2013. barring some action, here are examples of what would happen in 2013. if your income is $40,000 to $60,000, your taxes go up $2,000 next year. if you are in the top 20 percent with an income over
want to pay 1 dollar for it. dilemma has three governors in prison for $15 billion deficit. if they want to pay, that's the problem. misery needs to make the tough decisions. should they be put in the mix of whether we've reduced 70 or high-speed rail? is probably in the mix, but i don't think is before us now. i want to see what the load factors to be. that's my world. i want to see supply and demand. if the demand there? will supply. if not, we're not in a position to build it and they will come. we are just not there. >> jim higgins. >> okay, well i am not a transportation expert and i don't think these guys are either. actually i graduated from school as a civil engineer, but they work five years as a civil engineer, but lately i've computers. but why should a bureaucrat decide, you know, what mode of transportation is best, whether we have rail or highway is? it got us in trouble in the beginning. we built all these highways. we overdo it on the highways. now we have pollution and gas consumption because some bureaucrat decided that we needed highways. while now were t
directly now. the annotated obama, how 90% of the deficit becomes somebody else's fault. a scathing editorial debunks the president's assertions about all the that he inherited. and frequently joining "varney & company" we appreciate you being with us, mark. >> good to see you, always a pleasure. stuart: good. now, the president says he's not responsible for the debt largely, not concerned about it in the short-term. i put it to you, that this is being irresponsible. he's getting away with it because a lot of people don't understand the jargon, your eyes glaze over when you start to talk about debt and deficit, he can get away with it, but he's dismissing extremely important part of america's financial life and i think being irresponsible. how do you respond? >> i don't think that he's dismissing it at all. in fact, the president said many times that the debt, the long-term debt is a serious problem and that's why he signed over 2 trillion dollars in spending cuts during his administration. but the core question you're raising is, who really is responsible for this. the congressiona
that going for him. who knows, it might help make inroads with that 9% deficit romney is facing against the president in the latest ohio poll. then again, there may not be enough time to do enough shots with enough intoxicated fans before voting starts in ohio tomorrow. so if his running mate is no use, how about a boost from the other person mitt's proposed to, his wife, ann. surely she can provide the comfort and confidence that mr. romney needs to fire up his bid for the presidency. >> my biggest concern obviously would just be for the -- his mental well-being. >> wait? what? mrs. romney, that's not helping. you better finish the thought. >> i have all the confidence in the world in his ability, in his decisiveness, in his leadership skills, in his understanding of the economy, in his understanding of what's missing right now in the economy, you know, the pieces that are missing to get this jump started. so for me i think it would be the emotional part of it. >> right. he's capable, decisive, and emotionally troubled? well, that is an october surprise. let's get right to our panel th
Search Results 0 to 49 of about 646 (some duplicates have been removed)